What is a reverse mortgage?

A reverse mortgage is a way for Canadian homeowners aged 55 or older to turn up to 55%* of the value of their home into tax-free cash. It lets you retire safely and securely in the home you love. It’s a loan secured against the value of the home. Unlike a traditional home equity line of credit or conventional mortgage, there are no monthly payments for as long as you live in your home. There’s no retirement like home.

The CHIP Reverse Mortgage is provided by HomeEquity Bank, a Federally Regulated Canadian Bank.

*some conditions apply.

Here are a few details about it:

• Great for pensioners that have a large amount of equity but low monthly income
• Available for condo’s, townhouses, and detached homes
• Must live in the property
• Applicants do not have to go through the government stress test
• Income qualification is not required
• $200,000 minimum home value
• Mortgage can be set up to payout in a large lump sum or clients can draw a regular monthly payment to help with the cost of living and enjoy life doing what they want
• Very simple process with minimal paperwork required